How Can Microsoft Dynamics NAV Help In Financial Management?

• January 15, 2020
• Posted by: Shashi Ranjan
• Category: Financial Management Software

No Comments

Microsoft Dynamics NAV/Navision ERP system offers a complete general ledger solution that provides the finance and accounting solutions for tracking and analyzing all the company’s financial information.

With end-to-end integration, administration of all the financial tasks such as creating and maintaining a general ledger; managing analytical accounting, inventory, cash flow, manufacturing costs, bank accounts, and fixed assets; as well as posting transactions; preparing financial statements; and reconciling accounts and collections across the multiple companies, locations, and currencies is easily managed.

Other financial management features of Microsoft Dynamics NAV/Navision designed to enhance manufacturing capabilities include

• FlowFields, which updates and recalculates continually to ensure all users receive up-to-the-moment financial data;
• Cash Manager, a bank account management system that allows the users to create and modify the bank accounts, transfer funds between bank accounts, and also automates the complete check-writing process;
• Lookup Buttons that can be used to get the direct access to information in a table format eliminating the need for any data re-entry;
• Payables and Receivables, which allows users to define the payment terms, payment methods, discount periods, and the finance charge terms;
• Security features that allow the management to specify who can view what information using record-level security;
• Traceability, which ensures that all the transactions have an unmitigated audit trail, creating complete transparency;
• Fixed Assets that define the particulars for an asset or group assets from acquisition to disposal and also report the required depreciation conditions.

Microsoft Dynamics NAV/Navision Financial Management System provides you with all the information you need at the one click of a mouse to make informed decisions, identify trends at an early stage and plan and control your business activities. Financial management functions are seamlessly integrated into the ERP (Enterprise Resources Planning) analysis tools and into Microsoft Office, meaning that account schemes and analysis reports, for example, can be easily transferred to Microsoft Excel for the further processing.

Microsoft Dynamics NAV simplifies the collaboration between the corporate headquarters and the subsidiaries, branches, franchises, and chains. Even if headquarters and branches use the different solutions, Microsoft Dynamics NAV’s flexible concept allows seamless integration and the mutual exchange of information. The financial management software can be employed internationally, is multilingual and supports all the foreign currencies.

Microsoft Dynamics NAV is equipped with all the relevant accounting protocols. The system also supports you in complying with regulations such as Sarbanes-Oxley, Basel II, HIPAA, IFRS, and local GAAP and thereby gives you the flexibility you require when cooperating with international business partners.

Conclusion – Microsoft Dynamics NAV/Navision financial management software is the best ERP for Finance that offers a complete solution for your financial management, with integrated functions for Financial management, Accounts receivable and accounts payable, Payments, Warehousing, Asset accounting, Liquidity Planning, Cost accounting, Human resource management, and Analyses and reports.